Business insurance
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Gain peace of mind for your business

Business Insurance

Whether you have just started your own company or are taking over your family’s business, protecting it from financial losses should be your priority. Small businesses are at a much greater risk of accidental losses than large enterprises. Your company has a lot of factors at play, like an outside accountant and house staff.

Small business insurance can help protect your company from potential property damage, contract disputes, and any external or internal lawsuits. Over 1.2 million small businesses registered in Canada make up 97.9% of the total employer businesses. Out of these, over 60% of companies use business insurance to protect themselves.

Business insurance policies help quickly mitigate risks to your business and focus on growing and scaling up your company. Comparewise makes finding insurance solutions more accessible to you, helping you find the right coverage for your business within your budget.

As a local Canadian company, Comparewise understands how it is vital to protect what’s most important to you and your business. Our platform provides you with all the information you need for a select group of insurance providers, making it easier for you to compare insurance quotes.

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What Is Business Insurance?

Business insurance coverage protects any small or large companies from unforeseen events during their regular course of business. They help protect any financial losses, intellectual property damage, or damage to the physical location caused by unexpected incidents.

Before comparing the different options available in the market, you must understand your business. You should also have an idea of the type of insurance you may need and the coverage you require for your company is. Small businesses need to evaluate their insurance needs more carefully, as they are more susceptible to personal financial exposure in the event of a loss.

Business insurance helps keep the country’s economy running smoothly by protecting the company from any financial losses that they could not cover on their own. Additionally, it allows businesses to operate more efficiently when it otherwise might be too risky for them to do so.

Whether you have four employees or forty-four, your small business undergoes the same risks. You need to find a suitable insurance provider that will minimize your risk and ensure the continuation of your business.

You can find the best business insurance with Comparewise by analyzing multiple options available on our platform. You can use our ‘Get Started’ button to fill in the short online form, and our platform will match you with the best insurance providers based on your needs.

Why Do You Need Business Insurance?

Accidents are a part of our life and can happen at any time. Without a business insurance policy, you will have to pay for all the damages by yourself. Whether you are running your company from your home or have offices in multiple locations, you need secure business insurance to ensure the continuity of your enterprise.

Protecting Your Employees

A business’s success depends on its employees, safety, and health. All significant countries globally, including Canada, have made it mandatory for companies of all levels to insure their employees with worker’s compensation insurance. It ensures that your employees receive medical care, missed wages, and funeral benefits. This is if they suffer an injury or illness due to their working conditions.

Protecting Your Customers

With a Business Owner’s Policy, you can protect your customers if they suffer any injury while on your premises. For instance, if a customer slips in your store, breaks their arm, and has to be hospitalized, your insurance policy will cover all their medical costs.

The policy will also protect your business and customers in case of a cyber attack or security breach. It can help cover financial damages, including legal fees, public relations, identity protection solutions, and other liabilities.

Building Credibility

Business insurance protects your business and employees and adds to your company’s credibility. A consumer would prefer a company that protects its people in an unforeseen event. It communicates to everyone that your company will provide the proper protection, no matter what accident ensues.

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Recruiting and Retaining Employees

Hiring the best talent is the goal for both small and large businesses. All employees look for more than just a salary. They prefer companies that protect them in case of accidents and are willing to do right by them. Business insurance instills trust in your applicants. You will be able to hire talented applicants and retain your best employees.

Protection against Natural Disasters

Natural disasters are becoming quite familiar with the dramatic climate change our planet suffers. Business insurance is vital for business assets or possessions in a disaster like a flood, tornado, fire, lightning, or hurricane strikes. You need to decide the coverage, depending upon the location of your business.

Protection against Lawsuit Damages

Every company faces a lawsuit at one point or another, be it from your customers or employees. Business insurance can help you cover all the financial damages these lawsuits incur, including any penalty or legal fees. Additionally, some insurance providers also offer reputation damage recovery, which helps you cover any losses caused to your company’s reputation due to the lawsuit.

What Is Included in a Business Insurance Policy?

There are several types of insurance policies for small businesses to consider to protect their employees and company from any unforeseen liabilities.

Professional Liability Insurance

Professional liability insurance is also called Errors and Omissions insurance. There is no one-size-fits-all coverage. Each industry has its unique concerns and requirements that should get addressed with this insurance policy. You can find different insurance providers on Comparewise and find the one that suits your professional needs.

Business Liability Insurance

Business general liability insurance is an essential business insurance policy. It covers any financial cost incurred due to loss or damage caused to a third party person or property. In simpler words, it provides coverage for any claims arising from the property damage or bodily injury caused by your operations.

These liability claims for bodily injury or property damage can result due to the actions of your employees, your completed services, products, or an incident that occurred on your premises. It bears all the costs of a lawsuit, which otherwise has to be paid by the business owner.

Product Liability Insurance

Product liability insurance is most useful for companies in the manufacturing business. This insurance covers the expenses or liabilities of a lawsuit caused due to the damages done by your products.

Property Insurance

Property damage is quite common due to natural hazards or man-made activities. Property insurance will cover all the damage done to equipment, signage, furniture, or your inventory, in the event of a storm, fire, or even theft. Suppose your business is not insured adequately against these damages. In that case, the entire recovery cost has to be paid by the owner.

40% of small businesses in Canada who have not insured their property cannot re-open their business after a disaster strike. Property insurance helps the business owner pay for their damaged property’s repair or replacement cost. It usually includes the physical location of the business, damaged tools, assets, documents, or any damage caused by vandals.

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Employee Insurance

Every business’s success depends upon its employees. A worker’s compensation plan is employee insurance that covers any expenses arising from illness or injuries to your workers. All major countries, including Canada, have made it mandatory for small and large businesses to insure their employees.

Employee insurance will also cover any legal fees if your employee or the family of a deceased employee decides to file a lawsuit against you.

Vehicle Insurance

It would be best to insure all the vehicles used for commencing and running your business. All major countries, including Canada, have a mandatory policy to get third-party insurance for personal and commercial vehicles.

Vehicle insurance provides you protection against any damage caused to your vehicle, driver, or a third party in case of an unforeseen incident. The incident can include an accident, fire, theft, or collision. Comprehensive automobile insurance will ensure that the company covers all the damages.

Business Interruption Insurance

Business interruption insurance applies to companies that require a physical location to carry out the day-to-day activities of their business, like manufacturing facilities or retail shops. The insurance compensates a business’s lost income during an event that disrupted their everyday activities.

In simpler words, business interruption insurance will come in handy if your business faces a loss due to external circumstances, like a natural calamity or a riot. These situations will make it difficult for your employees to work, could lead to losing the business. In such circumstances, business interruption insurance will compensate for all such losses.

Features of Business Insurance

Even though business insurance is not mandatory in Canada, it is worth your money. It will allow you to get financial coverage in an unanticipated event and ensure that your company does not face any huge losses.

  1. Insurance covers any loss due to theft or vandalism.
  2. Policies cover the damage caused due to fire or other natural disasters like floods, hurricanes, or earthquakes.
  3. Insurance covers any loss of profits incurred due to the shutting down of businesses during calamities.
  4. Most policies cover the cost of injuries, illness, or funerals of an employee during their work.
  5. Insurance covers liabilities that arose due to negligence and errors of your employees.
  6. Policies cover any third-party liability on the business.

Things to Consider Before Buying Business Insurance

The number of insurance options available in the market can be pretty overwhelming, especially if you have just set up your business. The right insurance will help your venture get off the ground and grow into a successful business.

To choose the right Business insurance for your company, you need to understand your coverage options and find a plan that fits your budget.

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Consider the Insurance That Is Legally Required in Your State

Depending upon your industry, state, clients, and your investors, there might be a few business insurance policies that you will need to buy. For instance, if you are renting out a commercial property space for your company, there is a good chance that your landlord will demand general liability insurance. It will cover any potential lawsuits over property damage or employee injury.

Most states and industries in Canada require small businesses with hired employees to carry a worker’s compensation insurance or professional liability coverage. Before buying business insurance, you should do proper research about the legal obligations for your area and industry.

Understand Your Industry’s Risks

Different industries have varied risks, and you need to assess them before buying business insurance. For instance, a restaurant owner should be concerned about a customer becoming sick after eating a meal. On the other hand, the most significant risk for an accountant is a mistake made while filing a customer’s tax returns.

A product liability insurance will protect the restaurant owner, and professional liability insurance can cover the accountant from lawsuits related to errors. Carefully evaluate the risks associated with your business industry and the ones you can likely face. Choose an insurance plan accordingly.

Be Informed about What Can Affect Your Insurance Rates

Once you know the risks associated with your business, you can now quickly analyze what factors will affect the premium you pay for your insurance. Your assets, the size of your company, and your location are the major factors that would affect your insurance rate.

You can ensure that your premiums stay on the lower side by ensuring you don’t let your insurance lapse. And by creating a safe work environment for your employees. The policy limit and the deductibles you choose will also affect the price.

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How to Buy Business Insurance in Canada?

Buying insurance plans for your business can be an engaging and tiring process. You can look for hundreds of options on Google, open them in different tabs, and then compare each one of them. It will consume up a lot of your time and energy.

On the other hand, you can log in to Comparewise and browse through the various insurance providers categorized based on their industry. Additionally, you can fill up the “Get Started” form and mention your requirements. The intelligent algorithm running the platform will analyze your needs and suggest the best insurance plans for your small business. You can compare them and then choose one as your partner.

Comparewise is available anywhere in Canada, saving you all the time it would take to plan and set multiple face-to-face meetings with insurance providers.

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April 5, 2022
Fact Checked

FAQs about
Business Insurance

What is business insurance?

Business insurance coverage protects any small or large companies from unforeseen events during their regular course of business. They help protect any financial losses, intellectual property damage, or damage to the physical location caused by unexpected incidents.

Why do you need business insurance?

Business insurance is important for you to:

  • Protect your employees
  • Protect your customers
  • Build brand credibility
  • Protect against lawsuits
What does business insurance include?

Business insurance includes many protective policies like:

  • Professional liability insurance
  • Business liability insurance
  • Product liability insurance
  • Property insurance
  • Employee insurance
  • Vehicle insurance
  • Business interruption insurance

Business insurance
made simple

Gain peace of mind for your business

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